MosChip Gets MeitY Approval for DLI Scheme to Develop Energy Meter IC

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Synopsis:

MosChip Technologies' application for the DLI scheme was approved by MeitY, enabling the development of an intelligent energy metre IC. CEO Srinivasa Rao Kakumanu appreciates the initiative for supporting Indian semiconductor innovations and contributing to an Atmanirbhar Bharat.

MosChip Technologies News Today

Hyderabad-based MosChip Technologies Limited announced that its application for the Design Linked Incentive (DLI) scheme was approved by the Ministry of Electronics and Information Technology (MeitY).

The approval supports MosChip's development of an intelligent energy metre integrated circuit (IC) for both Indian and international markets.

Explore: MosChip Technologies

Scope and Management of the DLI Scheme

The DLI scheme, managed by the Centre for Development of Advanced Computing (CDAC), aims to strengthen the domestic semiconductor design industry.

It provides financial incentives and design infrastructure support for five years, reimbursing companies upon achieving specific development milestones.

This initiative is part of the Government of India's efforts to promote an Atmanirbhar Bharat in the semiconductor sector.

Company's Reaction

Mr. Srinivasa Rao Kakumanu, CEO and Managing Director of MosChip Technologies, expressed his gratitude towards MeitY and CDAC for the approval.

He highlighted the DLI scheme as a significant step by the government to support Indian companies in creating IP cores, system-on-chips (SoCs), and systems.

According to Mr. Kakumanu, this support will enable the development of world-class semiconductor products for both domestic and global markets.

Financial Performance

MosChip Technologies reported a decrease in net profit by 42.76%, amounting to ₹0.87 crore for the quarter ending in March 2024, compared to ₹1.52 crore in the same period the previous year.

However, the company's sales showed a robust increase of 40.11%, reaching ₹75.42 crore in the March 2024 quarter, up from ₹53.83 crore in the corresponding quarter of the previous year.

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